Oklahoma legislation would give tax breaks to earthquake insurance policyholders

Should the state get in the business of earthquake insurance reimbursement? One legislator says yes

Insurance News

By Lyle Adriano

Rep. Mike Shelton (D-District 97) is introducing an amendment for the next legislative session that would issue reimbursements to those with earthquake insurance.

“The people of Oklahoma were forced into having earthquake insurance and believe the legislation is semi-responsible and needs to reimburse those people,” Shelton asserted.

Shelton hopes that the amendment would be included in a proposed tax credit bill this season. However, he does not have details regarding how much money homeowners would be compensated with or how much it would cost the state.

While more Oklahomans are purchasing earthquake insurance, few have actually filed for tremor claims and carriers do not always pay out for most of them. Indeed, many residents have shied away from earthquake insurance due to the high deductibles and the insurance policies unable to cover for masonry.
 

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